Bank of Southern California (BCAL) has agreed to acquire CalWest Bank to create a new bank with $1.1bn in assets.

As per the terms of the agreement, BCAL will pay 0.43 cents per CalWest Bancorp shares valuing the deal at around $32m.

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The deal will combine two Southern California-based institutions further bolstering BCAL’s presence in the region.

Bank of Southern California president and CEO Nathan Rogge said: “CalWest Bank is a well-managed community business bank with a strong relationship banking culture, making it a great fit for us.

“Bank of Southern California recently expanded into Los Angeles in July 2018, and in Orange County in December 2017, so this opportunity allows us to continue to execute the next natural extension of our planned growth.

“We believe this transaction allows the bank to better serve the clients of both organisations with increased lending capabilities, technology enhancements, and an increased branch network.”

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Currently, Bank of Southern California operates 11 branches and one production office. The CalWest Bank acquisition will add three branches and one office to its network.

CalWest Bank president and CEO Glenn Gray said: “We believe our franchise will meaningfully contribute to Bank of Southern California’s vision of becoming a leading community business bank in Southern California.”

The deal is expected to close in the first quarter of next year.

Established in 2001, Bank of Southern California offers financial services to individuals, professionals and SMEs.

In July last year, Bank of Southern California acquired Americas United Bank to foray into the Los Angeles market.